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If electricity and environment-pollution would not cost anything this would be maybe true and since mining is done mostly in large pools and the blockchain is a
by tonyjstark 9y ago
If electricity and environment-pollution would not cost anything this would be maybe true and since mining is done mostly in large pools and the blockchain is already quite big (regarding having the whole bc on disk) the social scalability is not really there.
And the computing power you need does not really sink because of the adaption of the network so that the hash-rate is kinda stable, so it does not get cheaper.
What makes me really wonder is this talk of corruption robustness when the blockchain world is basically a wild west without laws and regulation where the only reason to behave is financial incentives which obviously brings in more scams than anything else. This would maybe work if it would not be even better to slightly misbehave, you don't need to make a 51% attack, controlling 25% of the mining power already gives you an edge to steer the whole network. [0]
You don't trust Paypal and Visa where laws apply but you trust enormous Mining-Pools in China that were already caught forming carthels?
[0](https://bitcoinmagazine.com/articles/selfish-mining-a-25-attack-against-the-bitcoin-network-1383578440/ https://bitcoinmagazine.com/articles/selfish-mining-a-25-att...)
- aaron-lebo 9y agoNot only is mining centralized, but the big holders are fairly centralized. How robust is this thing really if the authoritarian government the pools run in decides to shut it down? Value would go way down and the network would be in a very weird unsecured state. It's entirely possible the network is at the whims of some bureaucrat deciding that should happen, which is one of the weird things about cryptos.